A study by Erik Lie and Randall Heron of the University of Iowa concluded that 29% of 7,774 companies reviewed had backdated their stock options. It's more likely that smaller auditing firms will not catch this practice.
Saturday's WSJ showed that many companies took advantage of the market dive triggered by 9/11 to issue options. Most of these companies issued their options in September 2001. When you travel in those circles, you always have to strike when an opportunity arises.
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